Tetra Technologies, Inc. (TTI) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Tetra Technologies, Inc. (NYSE:TTI) released its quarterly earnings results on Wednesday. The oil and gas company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.03, Bloomberg Earnings reports. The company had revenue of $208.37 million during the quarter, compared to the consensus estimate of $204.19 million. Tetra Technologies had a negative return on equity of 11.46% and a negative net margin of 10.90%. The company’s revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.15) earnings per share.

Shares of Tetra Technologies (NYSE:TTI) traded down 15.23% on Wednesday, reaching $2.06. The company had a trading volume of 1,478,839 shares. The firm’s 50 day moving average is $2.81 and its 200 day moving average is $3.64. Tetra Technologies has a 12 month low of $2.06 and a 12 month high of $6.77. The firm’s market capitalization is $238.86 million.

Several research analysts have recently commented on the company. Simmons boosted their price target on Tetra Technologies from $4.80 to $7.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. Royal Bank Of Canada set a $5.00 price target on Tetra Technologies and gave the stock a “hold” rating in a research report on Friday, June 16th. Zacks Investment Research lowered Tetra Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Morgan Stanley reduced their price target on Tetra Technologies from $5.50 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 21st. Finally, Johnson Rice raised Tetra Technologies from an “accumulate” rating to a “buy” rating and set a $6.00 price target for the company in a research report on Thursday, April 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $5.90.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Tetra Technologies during the fourth quarter valued at approximately $15,354,000. Teachers Advisors LLC boosted its position in Tetra Technologies by 17.5% in the fourth quarter. Teachers Advisors LLC now owns 177,404 shares of the oil and gas company’s stock valued at $891,000 after buying an additional 26,448 shares during the period. Creative Planning boosted its position in Tetra Technologies by 54.5% in the first quarter. Creative Planning now owns 68,000 shares of the oil and gas company’s stock valued at $277,000 after buying an additional 24,000 shares during the period. Bank of Montreal Can boosted its position in Tetra Technologies by 148.8% in the first quarter. Bank of Montreal Can now owns 163,984 shares of the oil and gas company’s stock valued at $667,000 after buying an additional 98,067 shares during the period. Finally, Viking Fund Management LLC boosted its position in Tetra Technologies by 39.5% in the first quarter. Viking Fund Management LLC now owns 530,000 shares of the oil and gas company’s stock valued at $2,157,000 after buying an additional 150,000 shares during the period. Hedge funds and other institutional investors own 93.54% of the company’s stock.

About Tetra Technologies

TETRA Technologies, Inc is an oil and gas services company. The Company focuses on completion fluids and associated products and services, water management, production well testing, offshore rig cooling, compression services and equipment, and offshore services, such as decommissioning and diving. It is composed of five segments organized into four divisions: Fluids, Production Testing, Compression and Offshore.